Deschapell on Bitcoin

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16 Mar 2014

Ariel Deschapell on Bitcoin:

Perhaps the single most prominent, and telling, feature of bitcoin today is its massive controversy in the media.

This is because bitcoin as a technology isn’t just challenging business models, or even an entire industry. Plenty of innovative outfits do that with much less flare. Bitcoin is challenging the financial infrastructure of the whole global economy, and even more, it is challenging entire generations of established political and economic theory that that infrastructure is built on.

Bitcoin’s exponential growth flouts all of the traditional monetary theory that is the mainstream ideology amongst academics and politicians today. Its very existence and growing success cannot be accounted for within these old paradigms.

It challenges not only the basis and underlying assumptions of the modern financial system, but calls into question the beliefs and even livelihood of so many politicians, economic advisors, and media pundits. That is why so many are so sceptical of it, and others even outright hostile.